Frankston prices increased???
- Thread starter DanielG
- Start date
I should hope not, especially if the tree was there before you!
I'm trying to understand why this is "Amazing" rather than just a given. I'm a Frankston property investor too but lets keep it real
I'm trying to understand why this is "Amazing" rather than just a given. I'm a Frankston property investor too but lets keep it real
I agree; by definition 50% of Melbourne suburbs are below the metro median price.
Let's look at four things that correlate with high prices in Melbourne and compare Frankston against them:
* Near CBD. Fail. At 40km from the CBD, Frankston is further away than 80% of suburbs.
* Near melbourne's largest university campuses. Fail. None within 25km (Monash Peninsula too small to offer large range of courses).
* Has 'trendy' reputation. Fail. Frankston still the butt of 'bogan' jokes.
* Near beach. Pass. Can't get any closer with Frankston.
3 fails/1 pass indicate Frankston 'should' have a below median price (although parts are above median, eg a big house on Olivers Hill).
Which is how it is in real life.
Though this does not imply that Frankston is still not reasonable value.
keeping it eminently real
I'm not saying its heaven and paradise all rolled into one. It is, however, the cheapest beachside suburb in any major city & has major infrastructure to boot. That's not from me - thats from respected gurus (Terry Ryder is just one of them) who have placed in on their hotspot lists. Distance isn't a huge issue as most people work locally and the train/road time to the city is barely an hour. So yes, in my book and that of the abovenamed gurus, it should be in the top quartile, well above the lower half of all Melbourne properties.
Sure there are negatives - and that includes public perceptions of its former state housing past. But that can't last forever given the marina and all the other positives.
I'm trying to understand why this is "Amazing" rather than just a given. I'm a Frankston property investor too but lets keep it real
I'm not saying its heaven and paradise all rolled into one. It is, however, the cheapest beachside suburb in any major city & has major infrastructure to boot. That's not from me - thats from respected gurus (Terry Ryder is just one of them) who have placed in on their hotspot lists. Distance isn't a huge issue as most people work locally and the train/road time to the city is barely an hour. So yes, in my book and that of the abovenamed gurus, it should be in the top quartile, well above the lower half of all Melbourne properties.
Sure there are negatives - and that includes public perceptions of its former state housing past. But that can't last forever given the marina and all the other positives.
Have prices increased - Yes, Yes & Yes
Adittedly an asking price of $650,000 but for a 3 unit site, after costs, that still looks as if it will be over $200k+ per unit.
In one breath, sheesh and in another wohoo!
What will be interesting is when these higher land costs will be reflected in newly built towhouse prices. They haven't as yet but simple maths says they must. The only issue is when....
Adittedly an asking price of $650,000 but for a 3 unit site, after costs, that still looks as if it will be over $200k+ per unit.
In one breath, sheesh and in another wohoo!
What will be interesting is when these higher land costs will be reflected in newly built towhouse prices. They haven't as yet but simple maths says they must. The only issue is when....
One can never afford to buy all that one desires to buy. So why not share? How about some of the old-Frankston-hands post links to cheapies that you regard as being of especially great value. The sort of stuff that will outperform its peers ie. outstanding value situations that you'd love to buy if you could. In addition to giving us links please tell us why you like em and what % you thing they are undervalued by.
And if you own in the area, to be fair, please declare your interests. That way nobody can be accused of ramping. Obviously, for glaringly obvious reasons, agents need not participate.
Who's first?
And if you own in the area, to be fair, please declare your interests. That way nobody can be accused of ramping. Obviously, for glaringly obvious reasons, agents need not participate.
Who's first?
I bought in Frankston South about 6 weeks ago and settle on Monday. Purchased for $345K in the High school zone(walking distance), close a primary school(walking distance), shops at end of street, hospital 2 minute drive and the uni not too far away either. It's a corner block, so has some great potential for a dual occ also. Position, position, position.
That's what I'd be looking at and if you can buy in Frankston South at this sort of $'s, even better.
For a while, I was "anti-Frankston", but after studying the area for a while, it just has way too much going for it to not steam ahead. It most certainly won't go backwards.
Will buy another there for sure in the next year or so. Go for a drive and spend some time there. And picture it in 10 years time.
Oh yeah, almost forget. Over the last say 6 months have definitely noticed an increase of about 10%, give or take, no doubt about it.
That's what I'd be looking at and if you can buy in Frankston South at this sort of $'s, even better.
For a while, I was "anti-Frankston", but after studying the area for a while, it just has way too much going for it to not steam ahead. It most certainly won't go backwards.
Will buy another there for sure in the next year or so. Go for a drive and spend some time there. And picture it in 10 years time.
Oh yeah, almost forget. Over the last say 6 months have definitely noticed an increase of about 10%, give or take, no doubt about it.
Graham Kennedy and Elisabeth Murdoch also lived/have connections with the area.
The area was very different before the cheap housing came in the 1960s/70s (when the Pines was developed) and mass unemployment/social problems hit a decade later.
It was in this era that Frankston changed from being a service centre on the way to a peninsula (which attracted significant tourist traffic) to a large cheap housing satellite of Melbourne (for people priced out of further in). As Frankston grew its reputation declined.
More recently, with the growth of other areas like Pakenham, Cranbourne, Melton, etc Frankston's 40km from the CBD is no longer as relatively far out as it was, and some think if they're going to be so far out they might as well be near a beach (especially if houses are not a lot dearer).
Feng Shui and investment
Mm there is much more to Traditional Feng Shui than just these things.
It is a highly integrated system - just because many people do not understand it does not mean it does not work!
It has a very long history and has been implemented in many places in Asia (including China right now). I have just returned from a trip to China and found some very interesting contemporary examples of Feng Shui having been implemented.
You are absolutely right about Sha Qi (ugly or disruptive things in your immediate environment). I can do a drive round with people and point out houses NOT to invest in.
Cheers
vicki
Mm there is much more to Traditional Feng Shui than just these things.
It is a highly integrated system - just because many people do not understand it does not mean it does not work!
It has a very long history and has been implemented in many places in Asia (including China right now). I have just returned from a trip to China and found some very interesting contemporary examples of Feng Shui having been implemented.
You are absolutely right about Sha Qi (ugly or disruptive things in your immediate environment). I can do a drive round with people and point out houses NOT to invest in.
Cheers
vicki
Don't forget that Port Melbourne was once considered an "undesirable" suburb. I sure wouldn't mind owning there now!
Areas ?
I'm rather confused by all the For and Against - Bogans vs Opportunity, Subdivide vs Units etc.
I had a quick look at Frankston and saw this:
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007942030
which looks like a good deal for someone who wants land potential etc but obviously not since no-one has an offer in as yet. (sorry newbie viewing it).
SO can some of the Frankston enthusiasts offer opinions on :
1. Areas to avoid for anyone not investing in the 10 years plus timeframe.
(for instance 'the Pines' seems to get a lot of negative comment here. Anywhere else?)
2. Is stock potential as important, or more important, than location potential
(e.g above property versus a 1 Bedroom flat in the centre of town or villa near the water etc).
3. Frankston seems to be a big place - North and South and East, with Seaford getting a mention too as an outer suburb of Frankston. A Highway dividing it from the Ocean, another Freeway dissecting it as well further out, so how do you rate the different 'areas' for investment versus the general '40k from Melbourne' area.
(e.g is a unit in South equal to a house in North equal to flat next to the Railway station, in terms of capital growth, yield and potential tenant trouble? (if that is an issue)?
Sorry big question I know.
I'm rather confused by all the For and Against - Bogans vs Opportunity, Subdivide vs Units etc.
I had a quick look at Frankston and saw this:
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007942030
which looks like a good deal for someone who wants land potential etc but obviously not since no-one has an offer in as yet. (sorry newbie viewing it).
SO can some of the Frankston enthusiasts offer opinions on :
1. Areas to avoid for anyone not investing in the 10 years plus timeframe.
(for instance 'the Pines' seems to get a lot of negative comment here. Anywhere else?)
2. Is stock potential as important, or more important, than location potential
(e.g above property versus a 1 Bedroom flat in the centre of town or villa near the water etc).
3. Frankston seems to be a big place - North and South and East, with Seaford getting a mention too as an outer suburb of Frankston. A Highway dividing it from the Ocean, another Freeway dissecting it as well further out, so how do you rate the different 'areas' for investment versus the general '40k from Melbourne' area.
(e.g is a unit in South equal to a house in North equal to flat next to the Railway station, in terms of capital growth, yield and potential tenant trouble? (if that is an issue)?
Sorry big question I know.
I have 2 blocks of 750 & 800 sqm next to each other in Pines that I bought in 2006 for $145k each. Both with 3 bed houses and tenants which have been there for 5 + years.
Each one will go for $250k now within a matter of days, so that is an appreciation of over 70% in 3 years (my best performing investment in the portfolio outside of Rockhampton and Cairns).
They also cost bugger all to hold.
I will be building 6 units on them early next year and that will take return on investment to a whole new level.
Dont mix the undesirability of an area (on a live-ability index) with a sound investment value proposition.
Harris
Where is this 'pines' you guys speak of located?
The pines is Frankston North. Next to Seaford.
We bought a place there last year. We are very happy with the investment thus far.
We bought a place there last year. We are very happy with the investment thus far.
useless agents
Property Meister or anyone else know what this property finally sold for? http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007942030
Being stuffed around by agents is normal in Frankston. Most are not into long term relationships with clients. The agent handling the above sale, he actually owns the local franchise, is not known for reliability or for long term relationships. Do your own work and due diligence and do not rely on these gits for anything.
There is no getting around agents, we must find ways to live and work with them and, if necessary, shame them into either behaving better or leaving the industry.
Property Meister or anyone else know what this property finally sold for? http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007942030
Being stuffed around by agents is normal in Frankston. Most are not into long term relationships with clients. The agent handling the above sale, he actually owns the local franchise, is not known for reliability or for long term relationships. Do your own work and due diligence and do not rely on these gits for anything.
There is no getting around agents, we must find ways to live and work with them and, if necessary, shame them into either behaving better or leaving the industry.
i always check the Age on Sunday where it has the results, it hasn't come up of yet, unless I missed it, normally they take a few weeeks to actually come up, but the ad says "sold on Sep 23rd, so im not too sure if the offer was accepted on this date or not, I lost interest in it sohaven't been watching too closel.y
